Who is responsible for insuring a condominium?

The condominium corporation is responsible for insuring the common areas of the condominium and, in many cases, the entire building structure. This insurance typically covers risks such as fire, vandalism, and liability for injuries that occur in these shared spaces. It is a crucial component of managing a condominium community, as it protects both the corporation and the owners collectively.

While individual condo owners usually need to purchase their own insurance to cover their personal units and belongings (sometimes referred to as "contents insurance"), it is the condominium corporation that holds the overarching insurance policy for the property. This delineation of responsibility helps ensure that the shared interests of all owners in a condominium are safeguarded against larger risks.

In contrast, options involving the individual condo owner, local government, or real estate agent do not encompass the collective responsibility for the insurance of the condominium itself, as each of these entities has different roles. The local government does not provide insurance services for private properties, and the real estate agent's involvement is more about facilitating sales rather than managing insurance for the condominium.